Cantor Fitzgerald Downgrades Endo Pharmaceuticals (ENDP) to Hold; Sidelined Ahead of Lidoderm Decision; M&A Unlikely N-T

May 2, 2012 7:21 AM EDT Send to a Friend
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Price: $61.62 --0%

Rating Summary:
    17 Buy, 12 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 11 | Down: 6 | New: 10
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Cantor Fitzgerald downgraded Endo Pharmaceuticals (NASDAQ: ENDP) to Hold with a price target of $39.00.

Analyst, Irina Rivkind, said, "Mediocre quarter as Endo recovers from a supply disruption...We are moving to the sidelines in front of a Lidoderm decision...We don't discount the intrinsic value in the business: In the current M&A environment, Endo should not be overlooked as a potential takeout target. However, we view this possibility as unlikely in the near-term since we believe that management is focused on strengthening the business via integration and debt service. We lowered our 2012 numbers below guidance to account for lower revenue expectations in generics and device, coupled with higher SG&A expenses. We want to see more execution and integration before getting more positive on the stock."

For an analyst ratings summary and ratings history on Endo Pharmaceuticals click here. For more ratings news on Endo Pharmaceuticals click here.

Shares of Endo Pharmaceuticals closed at $34.66 yesterday.


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